Tech Mahindra Limited has informed the Exchange about Rumour Verification - Regulation 30(11)
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On the reaction day the stock moved 1.6 pts more than Nifty 100 and 1.0 pts more than its Computers - Software & Consulting peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Tech Mahindra has issued a clarification to the stock exchanges in response to market rumours circulating on social media and phone calls about a potential significant reduction in headcount. The company has categorically denied any such proposal being under consideration. This is a proactive, voluntary disclosure made by the company under SEBI Listing Regulation 30(11), even though no formal rumour verification query was raised by the exchanges. The company has also confirmed ongoing compliance with SEBI disclosure norms and has uploaded the intimation on its website.
The denial of layoffs is broadly positive for employee morale and may help stabilize the stock by removing near-term uncertainty, though it also closes the door on any cost-rationalization hopes that some investors may have had.